The Bitcoin network continued to improve on many parameters and this time, meaning the block size peaked, taking with it the heaviest transaction set ever recorded.
Bitcoin block size hits new all-time high
A Bitcoin block has a variable extent, although relatively small blocks usually spread. There were no targets or limits, and the Bitcoin network did not set out to distribute large blocks. The record for BTC is entirely organic, reaching an average block size of 1,312 MB.
Also, the Bitcoin network has undergone almost constant growth in block size, managing to distribute larger blocks through all nodes. Larger blocks begin to be produced on a critical operating day when most of the blocks are filled. The transaction fee is slightly higher at $ 0.29, up from an all-time low of around $ 0.05, but the full blocks so far have not coincided with congestion.
1/ Bitcoin hit a new all-time high mean block size yesterday pic.twitter.com/txzGXoAhaj
— Nate Maddrey (@natemaddrey) December 18, 2019
Big blocks occurred at a time when about 55 – 60% of all BTC addresses used SegWit transactions, splitting a piece of information. SegWit adoption has evolved over the past two years, with a slow start and has stabilized at current levels. So far, the combination of the number of transactions, the volume, and the use of SegWit show that the Bitcoin network has managed to scale up.
Despite high transaction activity, the network did not encounter any significant bottlenecks. In December 2017, it turned out that the congestion and $ 100 charge was a temporary event, caused by a mix of exchange hype, as well as possible spam transactions. At one point, the Veriblock network loaded small transactions and increased the number of transactions.
Overall transaction activity on the Bitcoin network is still relatively low compared to the annual record in mid-2019. But the network always delivers significant value every day, with 485,000 transactions achieved in the past 24 hours.
How about Bitcoin Cash and Bitcoin SV?
The block size is intentionally increased for two of the Bitcoin forks: Bitcoin Cash (BCH) and Bitcoin SV (BSV). The BSV project is particularly ambitious in the distribution of large blocks, as it aims to build its network out of specialized mining companies, famous for significant computing resources. But distributing a large block is still difficult, and without particular intention, more massive blocks are sometimes abandoned.
Why would anyone buy #BTC right now? They screwed up the original protocol and limited it to tiny blocks, removed opcodes and zero-confirmation transactions. #BTC is not #Bitcoin. #BSV is the Bitcoin I invested in 7 years ago.
— mmurfy (@m_murfy) December 17, 2019
Besides, the number of Bitcoin SV transactions has surpassed Bitcoin, and the network has created much larger blocks for months, based on deliberate efforts.
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